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A free-market view on accidents and torts

Listed author(s):
  • Colombatto, Enrico
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    This paper analyzes the role of uncertain costs and liability in the free market context and compares it with Calabresi’s approach. Contrary to the mainstream literature, the free-market view claims that property rights should not be tampered with, that the tort-feasor should always be held liable and that the presence of unknown costs (accidents) makes no difference. In particular, bad luck is not enough to justify a claim on society. It is observed that Calabresi reaches the same conclusions as far as non-accidental costs are concerned, but tends to diverge from the free-market position in the presence of accidents. These views are illustrated by examining the respondeat superior doctrine and their implications are further developed by considering the case for unlimited liability.

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    Paper provided by Institute of Public Policy and Public Choice - POLIS in its series IEL Working Papers with number 16.

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    Length: 26 pages
    Date of creation: Jun 2013
    Handle: RePEc:uca:ucaiel:16
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